Countrywide Financial (CFC) 8-K Results of Operations and Financial Condition

Countrywide Financial Corporation
Business Segment Consolidating Statement of Income

	Three Months Ended December 31, 2004 (unaudited)
	Mortgage Banking												Diversified Businesses
	Loan			Loan			Closing									Capital						Global									Grand
(Dollar amounts in thousands)	Production			Servicing			Services			Total			Banking			Markets			Insurance			Operations			Other			Total			Total
Revenues
Gain on sale of loans and securities	$	1,153,034		$	11,130		$	—		$	1,164,164		$	—		$	110,676		$	—		$	—		$	8,045		$	118,721		$	1,282,885
Net interest income after provision for loan losses		175,451			(92,295	)		464			83,620			230,909			85,408			14,450			541			(338	)		330,970			414,590
Net loan servicing fees(1)		—			(49,705	)		—			(49,705	)		—			913			(4,086	)		27,147			(5,424	)		18,550			(31,155	)
Net insurance premiums earned		—			—			—			—			—			—			205,272			—			—			205,272			205,272
Commissions, fees & other income(2)		26,485			14,391			59,349			100,225			24,999			12,501			24,292			31,861			(48,310	)		45,343			145,568
Total Revenues		1,354,970			(116,479	)		59,813			1,298,304			255,908			209,498			239,928			59,549			(46,027	)		718,856			2,017,160
Expenses		837,698			161,359			38,973			1,038,030			61,287			63,300			209,987			48,909			(45,890	)		337,593			1,375,623
Earnings before income taxes	$	517,272		$	(277,838	)	$	20,840		$	260,274		$	194,621		$	146,198		$	29,941		$	10,640		$	(137	)	$	381,263		$	641,537
Segment contribution to total earnings before income taxes(3)		81	%		(43	%)		3	%		41	%		30	%		23	%		5	%		2	%		(0	%)		59	%		100	%

	Three Months Ended September 30, 2004 (unaudited)
	Mortgage Banking												Diversified Businesses
	Loan			Loan			Closing									Capital						Global									Grand
(Dollar amounts in thousands)	Production			Servicing			Services			Total			Banking			Markets			Insurance			Operations			Other			Total			Total
Revenues
Gain on sale of loans and securities	$	926,631		$	15,495		$	—		$	942,126		$	—		$	68,533		$	—		$	—		$	7,038		$	75,571		$	1,017,697
Net interest income after provision for loan losses		340,796			(86,367	)		373			254,802			190,414			88,457			11,108			604			(508	)		290,075			544,877
Net loan servicing fees(1)		—			191,573			—			191,573			—			1,149			—			26,232			(4,730	)		22,651			214,224
Net insurance premiums earned		—			—			—			—			—			—			194,778			—			—			194,778			194,778
Commissions, fees & other income(2)		45,203			14,527			57,974			117,704			27,657			8,720			14,996			30,202			(61,352	)		20,223			137,927
Total Revenues		1,312,630			135,228			58,347			1,506,205			218,071			166,859			220,882			57,038			(59,552	)		603,298			2,109,503
Expenses		816,079			157,895			35,802			1,009,776			54,900			76,724			191,262			47,227			(57,563	)		312,550			1,322,326
Earnings before income taxes	$	496,551		$	(22,667	)	$	22,545		$	496,429		$	163,171		$	90,135		$	29,620		$	9,811		$	(1,989	)	$	290,748		$	787,177
Segment contribution to total earnings before income taxes(3)		63	%		(3	%)		3	%		63	%		21	%		11	%		4	%		1	%		(0	%)		37	%		100	%

(1)	Consists primarily of fees earned for servicing mortgage loans, related ancillary fees and income on residual interests, net of amortization of mortgage servicing rights, recovery (impairment) of MSRs and other retained interests; and servicing hedge gains (losses).
(2)	Consists primarily of revenues from ancillary products and services, including title, escrow, appraisal, credit reporting and home inspection services, and insurance agency commissions.
(3)	Percentages may not sum to totals due to the effect of rounding.

UPDATED: APRIL 2005

Countrywide Financial Corporation
Business Segment Consolidating Statement of Income

	Three Months Ended June 30, 2004 (unaudited)
	Mortgage Banking												Diversified Businesses
	Loan			Loan			Closing									Capital						Global									Grand
(Dollar amounts in thousands)	Production			Servicing			Services			Total			Banking			Markets			Insurance			Operations			Other			Total			Total
Revenues
Gain on sale of loans and securities	$	1,349,957		$	18,574		$	—		$	1,368,531		$	—		$	43,635		$	—		$	—		$	6,807		$	50,442		$	1,418,973
Net interest income after provision for loan losses		314,370			(103,797	)		262			210,835			145,162			112,260			10,309			483			(248	)		267,966			478,801
Net loan servicing fees(1)		—			239,327			—			239,327			—			689			—			26,287			(3,972	)		23,004			262,331
Net insurance premiums earned		—			—			—			—			—			—			187,252			—			—			187,252			187,252
Commissions, fees & other income(2)		29,633			15,263			54,824			99,720			23,529			5,101			16,014			26,833			(43,808	)		27,669			127,389
Total Revenues		1,693,960			169,367			55,086			1,918,413			168,691			161,685			213,575			53,603			(41,221	)		556,333			2,474,746
Expenses		724,135			144,174			32,017			900,326			49,608			72,054			165,038			43,920			(40,676	)		289,944			1,190,270
Earnings before income taxes	$	969,825		$	25,193		$	23,069		$	1,018,087		$	119,083		$	89,631		$	48,537		$	9,683		$	(545	)	$	266,389		$	1,284,476
Segment contribution to total earnings before income taxes(3)		76	%		2	%		2	%		79	%		9	%		7	%		4	%		1	%		(0	%)		21	%		100	%

	Three Months Ended March 31, 2004 (unaudited)
	Mortgage Banking												Diversified Businesses
	Loan			Loan			Closing									Capital						Global									Grand
(Dollar amounts in thousands)	Production			Servicing			Services			Total			Banking			Markets			Insurance			Operations			Other			Total			Total
Revenues
Gain on sale of loans and securities	$	956,914		$	81,950		$	—		$	1,038,864		$	—		$	73,166		$	—		$	—		$	5,360		$	78,526		$	1,117,390
Net interest income after provision for loan losses		350,534			(110,807	)		224			239,951			118,066			142,484			10,783			480			(350	)		271,463			511,414
Net loan servicing fees(1)		—			(3,893	)		—			(3,893	)		—			720			—			26,690			(3,267	)		24,143			20,250
Net insurance premiums earned		—			—			—			—			—			—			195,383			—			—			195,383			195,383
Commissions, fees & other income(2)		13,418			15,441			49,156			78,015			22,864			7,026			16,299			30,642			(34,065	)		42,766			120,781
Total Revenues		1,320,866			(17,309	)		49,380			1,352,937			140,930			223,396			222,465			57,812			(32,322	)		612,281			1,965,218
Expenses		620,256			140,910			30,848			792,014			35,322			70,245			170,470			46,081			(31,597	)		290,521			1,082,535
Earnings before income taxes	$	700,610		$	(158,219	)	$	18,532		$	560,923		$	105,608		$	153,151		$	51,995		$	11,731		$	(725	)	$	321,760		$	882,683
Segment contribution to total earnings before income taxes(3)		79	%		(18	%)		2	%		64	%		12	%		17	%		6	%		1	%		(0	%)		36	%		100	%

(1)	Consists primarily of fees earned for servicing mortgage loans, related ancillary fees and income on residual interests, net of amortization of mortgage servicing rights, recovery (impairment) of MSRs and other retained interests; and servicing hedge gains (losses).
(2)	Consists primarily of revenues from ancillary products and services, including title, escrow, appraisal, credit reporting and home inspection services, and insurance agency commissions.
(3)	Percentages may not sum to totals due to the effect of rounding.

UPDATED: APRIL 2005

Countrywide Financial Corporation
Business Segment Consolidating Statement of Income

	Three Months Ended September 30, 2003 (unaudited)
	Mortgage Banking												Diversified Businesses
	Loan			Loan			Closing									Capital						Global									Grand
(Dollar amounts in thousands)	Production			Servicing			Services			Total			Banking			Markets			Insurance			Operations			Other			Total			Total
Revenues
Gain on sale of loans and securities	$	1,988,109		$	14,271		$	—		$	2,002,380		$	—		$	48,950		$	—		$	—		$	8,245		$	57,195		$	2,059,575
Net interest income after provision for loan losses		285,725			(123,093	)		(58	)		162,574			94,406			145,331			7,353			219			(120	)		247,189			409,763
Net loan servicing fees(1)		—			307,899			—			307,899			—			237			—			22,089			(1,741	)		20,585			328,484
Net insurance premiums earned		—			—			—			—			—			—			192,135			—			—			192,135			192,135
Commissions, fees & other income(2)		13,206			17,534			57,620			88,360			21,859			2,688			16,816			25,498			(36,083	)		30,778			119,138
Total Revenues		2,287,040			216,611			57,562			2,561,213			116,265			197,206			216,304			47,806			(29,699	)		547,882			3,109,095
Expenses		686,465			142,961			30,545			859,971			31,749			62,142			185,704			39,683			(29,771	)		289,507			1,149,478
Earnings before income taxes	$	1,600,575		$	73,650		$	27,017		$	1,701,242		$	84,516		$	135,064		$	30,600		$	8,123		$	72		$	258,375		$	1,959,617
Segment contribution to total earnings before income taxes(3)		82	%		4	%		1	%		87	%		4	%		7	%		2	%		0	%		0	%		13	%		100	%

(1)	Consists primarily of fees earned for servicing mortgage loans, related ancillary fees and income on residual interests, net of amortization of mortgage servicing rights, recovery (impairment) of MSRs and other retained interests; and servicing hedge gains (losses).
(2)	Consists primarily of revenues from ancillary products and services, including title, escrow, appraisal, credit reporting and home inspection services, and insurance agency commissions.
(3)	Percentages may not sum to totals due to the effect of rounding.

UPDATED: APRIL 2005

Countrywide Financial Corporation
Business Segment Consolidating Statement of Income

	Three Months Ended June 30, 2003 (unaudited)
	Mortgage Banking												Diversified Businesses
	Loan			Loan			Closing									Capital						Global									Grand
(Dollar amounts in thousands)	Production			Servicing			Services			Total			Banking			Markets			Insurance			Operations			Other			Total			Total
Revenues
Gain on sale of loans and securities	$	1,404,916		$	61,112		$	—		$	1,466,028		$	—		$	51,026		$	—		$	—		$	8,148		$	59,174		$	1,525,202
Net interest income after provision for loan losses		206,591			(110,294	)		(209	)		96,088			70,560			113,822			8,261			126			(39	)		192,730			288,818
Net loan servicing fees(1)		—			(688,782	)		—			(688,782	)		292			(42	)		—			22,108			(1,706	)		20,652			(668,130	)
Net insurance premiums earned		—			—			—			—			—			—			168,183			—			—			168,183			168,183
Commissions, fees & other income(2)		16,561			16,152			62,585			95,298			23,140			3,765			18,387			25,794			(37,867	)		33,219			128,517
Total Revenues		1,628,068			(721,812	)		62,376			968,632			93,992			168,571			194,831			48,028			(31,464	)		473,958			1,442,590
Expenses		603,999			114,435			33,504			751,938			26,714			53,520			157,816			48,253			(31,248	)		255,055			1,006,993
Earnings before income taxes	$	1,024,069		$	(836,247	)	$	28,872		$	216,694		$	67,278		$	115,051		$	37,015		$	(225	)	$	(216	)	$	218,903		$	435,597
Segment contribution to total earnings before income taxes (3)		235	%		(192	%)		7	%		50	%		15	%		26	%		8	%		(0	%)		(0	%)		50	%		100	%

(1)	Consists primarily of fees earned for servicing mortgage loans, related ancillary fees and income on residual interests, net of amortization of mortgage servicing rights, recovery (impairment) of MSRs and other retained interests; and servicing hedge gains (losses).
(2)	Consists primarily of revenues from ancillary products and services, including title, escrow, appraisal, credit reporting and home inspection services, and insurance agency commissions.
(3)	Percentages may not sum to totals due to the effect of rounding.

UPDATED: APRIL 2005

Countrywide Financial Corporation
Business Segment Consolidating Statement of Income

	Year Ended December 31, 2004 (unaudited)
	Mortgage Banking												Diversified Businesses
	Loan			Loan			Closing									Capital						Global									Grand
(Dollar amounts in thousands)	Production			Servicing			Services			Total			Banking			Markets			Insurance			Operations			Other			Total			Total
Revenues
Gain on sale of loans and securities	$	4,386,536		$	127,149		$	—		$	4,513,685		$	—		$	296,010		$	—		$	—		$	27,250		$	323,260		$	4,836,945
Net interest income after provision for loan losses		1,181,151			(393,266	)		1,323			789,208			684,551			428,609			46,650			2,108			(1,444	)		1,160,474			1,949,682
Net loan servicing fees(1)		—			377,302			—			377,302			—			3,471			(4,086	)		106,356			(17,393	)		88,348			465,650
Net insurance premiums earned		—			—			—			—			—			—			782,685			—			—			782,685			782,685
Commissions, fees & other income(2)		114,739			59,622			221,303			395,664			99,049			33,348			71,601			119,538			(187,535	)		136,001			531,665
Total Revenues		5,682,426			170,807			222,626			6,075,859			783,600			761,438			896,850			228,002			(179,122	)		2,490,768			8,566,627
Expenses		2,998,168			604,338			137,640			3,740,146			201,117			282,323			736,757			186,137			(175,726	)		1,230,608			4,970,754
Earnings before income taxes	$	2,684,258		$	(433,531	)	$	84,986		$	2,335,713		$	582,483		$	479,115		$	160,093		$	41,865		$	(3,396	)	$	1,260,160		$	3,595,873
Segment contribution to total earnings before income taxes(3)		75	%		(12	%)		2	%		65	%		16	%		13	%		4	%		1	%		(0	%)		35	%		100	%

(1)	Consists primarily of fees earned for servicing mortgage loans, related ancillary fees and income on residual interests, net of amortization of mortgage servicing rights, recovery (impairment) of MSRs and other retained interests; and servicing hedge gains (losses).
(2)	Consists primarily of revenues from ancillary products and services, including title, escrow, appraisal, credit reporting and home inspection services, and insurance agency commissions.
(3)	Percentages may not sum to totals due to the effect of rounding.

Countrywide Financial Corporation
Loan Production Sector Statement of Income Breakdown
Quarterly

(Dollar amounts in thousands)

	Three Months Ended
	December 31,						September 30,						June 30,						March 31,
	2004						2004						2004						2004
	(unaudited)			%			(unaudited)			%			(unaudited)			%			(unaudited)			%
Gain on sale of loans(1)	$	1,179,519			1.39	%	$	971,834			1.26	%	$	1,379,590			1.56	%	$	970,332			1.44	%
Net warehouse spread		175,451			0.21	%		340,796			0.44	%		314,370			0.36	%		350,534			0.52	%
Net production revenues		1,354,970			1.60	%		1,312,630			1.70	%		1,693,960			1.91	%		1,320,866			1.96	%
Direct production costs		733,239			0.86	%		716,837			0.93	%		626,262			0.71	%		521,158			0.77	%
Production overhead expense		104,459			0.12	%		99,242			0.13	%		97,873			0.11	%		99,098			0.15	%
Total production costs		837,698			0.99	%		816,079			1.06	%		724,135			0.82	%		620,256			0.92	%
Loan production pre-tax earnings	$	517,272			0.61	%	$	496,551			0.64	%	$	969,825			1.10	%	$	700,610			1.04	%
Loan production volume	$	84,818,000					$	77,019,000					$	88,490,000					$	67,484,000
Weighted average servicing fee of servicing booked		0.323	%					0.344	%					0.328	%					0.315	%
Servicing value booked(2)	$	907,752			1.09	%	$	936,254			1.13	%	$	1,111,633			1.24	%	$	845,740			1.25	%
Summary of Production:
Mortgage Banking	$	84,818,000					$	77,019,000					$	88,490,000					$	67,484,000
Capital Markets conduit acquisitions		4,045,000						6,111,000						4,599,000						3,324,000
Treasury Bank		6,452,000						8,694,000						6,574,000						5,396,000
Total Production	$	95,315,000					$	91,824,000					$	99,663,000					$	76,204,000

(1) Includes Commissions, Fees and Other.

(2) Basis points determined based on loans sold

Note: Percentages may not sum to totals due to the effect of rounding.

Countrywide Financial Corporation
Loan Production Sector Statement of Income Breakdown
Quarterly
(Dollar amounts in thousands)

	Three Months Ended
	September 30,						June 30,
	2003						2003
	(unaudited)			%			(unaudited)			%
Gain on sale of loans(1)	$	2,001,315			1.77	%	$	1,421,477			1.18	%
Net warehouse spread		285,725			0.25	%		206,591			0.17	%
Net production revenues		2,287,040			2.02	%		1,628,068			1.35	%
Direct production costs		574,858			0.51	%		520,743			0.43	%
Production overhead expense		111,607			0.10	%		83,256			0.07	%
Total production costs		686,465			0.61	%		603,999			0.50	%
Loan production pre-tax earnings	$	1,600,575			1.41	%	$	1,024,069			0.85	%
Loan production volume	$	113,324,000					$	120,811,000
Weighted average servicing fee of servicing booked		0.327	%					0.388	%
Servicing value booked(2)	$	1,757,511			1.55	%	$	1,724,601			1.59	%
Summary of Production:
Mortgage Banking	$	113,324,000					$	120,811,000
Capital Markets conduit acquisitions		8,009,000						5,485,000
Treasury Bank		4,598,000						3,914,000
Total Production	$	125,931,000					$	130,210,000

(1) Includes Commissions, Fees and Other.

(2) Basis points determined based on loans sold

Note: Percentages may not sum to totals due to the effect of rounding.

UPDATED: APRIL 2005

Countrywide Financial Corporation
Loan Production Sector Statement of Income Breakdown
Annual
(Dollar amounts in thousands)

		December 31,
		2004
		(unaudited)			%
Gain on sale of loans(1)		$	4,501,275			1.42	%
Net warehouse spread			1,181,151			0.37	%
	��
Net production revenues			5,682,426			1.79	%
Direct production costs			2,597,496			0.82	%
Production overhead expense			400,672			0.13	%
Total production costs			2,998,168			0.94	%
Loan production pre-tax earnings		$	2,684,258			0.84	%
Loan production volume		$	317,811,000
Weighted average servicing fee of servicing booked			0.328	%
Servicing value booked(2)		$	3,801,379			1.18	%
Summary of Production:
Mortgage Banking		$	317,811,000
Capital Markets conduit acquisitions			18,079,000
Treasury Bank			27,116,000
Total Production		$	363,006,000

(1) Includes Commissions, Fees and Other.

(2) Basis points determined based on loans sold

Note: Percentages may not sum to totals due to the effect of rounding.

UPDATED: APRIL 2005

Countrywide Financial Corporation & Subsidiaries
Consolidated Statement of Earnings⁽¹⁾
(Dollar amounts in thousands, except share data)

	QUARTER ENDED												QUARTER ENDED
	December 31,			September 30,			June 30,			March 31,			September 30,			June 30,
	2004*			2004*			2004*			2004*			2003*			2003*
Revenues
Gain on sale of loans and securities	$	1,282,885		$	1,017,697		$	1,418,973		$	1,117,390		$	2,059,575		$	1,525,202
Interest income		1,280,513			1,225,206			1,074,326			1,049,750			968,065			805,167
Interest expense		(843,036	)		(671,969	)		(575,778	)		(517,555	)		(547,236	)		(509,127	)
Net interest income		437,477			553,237			498,548			532,195			420,829			296,040
Provision for loan losses		(22,887	)		(8,360	)		(19,747	)		(20,781	)		(11,066	)		(7,222	)
Net interest income after provision for loan losses		414,590			544,877			478,801			511,414			409,763			288,818
Loan servicing fees and other income from retained interests		897,234			812,940			802,632			756,781			764,245			692,910
Amortization of MSRs		(562,729	)		(394,069	)		(569,977	)		(413,682	)		(666,384	)		(557,274	)
Recovery (impairment) of retained interests		(36,005	)		(795,614	)		1,179,127			(995,645	)		345,477			(1,551,847	)
Servicing hedge gains (losses)		(329,655	)		590,967			(1,149,451	)		672,796			(114,854	)		748,081
Net loan servicing fees and other income from retained interests		(31,155	)		214,224			262,331			20,250			328,484			(668,130	)
Net insurance premiums earned		205,272			194,778			187,252			195,383			192,135			168,183
Commissions and other income		145,568			137,927			127,389			120,781			119,138			128,517
Total revenues		2,017,160			2,109,503			2,474,746			1,965,218			3,109,095			1,442,590
Expenses
Compensation expenses		835,907			850,384			770,090			680,664			723,130			652,718
Occupancy and other office expenses		210,060			175,484			164,111			167,871			158,404			142,793
Insurance claims expenses		115,055			106,721			83,752			84,675			103,165			85,851
Advertising and promotion expenses		50,204			47,586			41,658			32,137			26,744			25,461
Other operating expenses		164,397			142,151			130,659			117,188			138,035			100,170
Total expenses		1,375,623			1,322,326			1,190,270			1,082,535			1,149,478			1,006,993
Earnings before income taxes		641,537			787,177			1,284,476			882,683			1,959,617			435,597
Provision for income taxes		271,702			289,106			497,997			339,494			744,611			167,675
Net Earnings	$	369,835		$	498,071		$	786,479		$	543,189		$	1,215,006		$	267,922
Earnings per share (2) (3)
Basic	$	0.64		$	0.88		$	1.41		$	0.98		$	2.23		$	0.51
Diluted	$	0.61		$	0.81		$	1.29		$	0.90		$	2.12		$	0.48
Weighted average shares outstanding
Basic		576,586,000			563,460,000			559,766,000			555,968,000			543,972,000			530,064,000
Diluted		609,162,000			612,716,000			611,337,000			606,627,000			572,393,000			560,789,000

*	UNAUDITED
(1)	Certain amounts in the Consolidated Financial Statements have been reclassified to conform to current year presentation.
(2)	Reflects 4-for-3 stock split completed in December 2003; 3-for-2 stock split completed in April 2004; and 2-for-1 stock split completed in August 2004.
(3)	EITF No. 04-8 was adopted on 12/31/04, requiring the Company to give effect to the potential conversion of the Company’s LYONS and Convertible Securities in diluted EPS. Amounts presented have been restated accordingly.

UPDATED: MARCH 2005

Mortgage Banking Segment
Breakdown of Gain on Sale of Loans — Quarterly
(Dollar amounts in thousands)

	QUARTER ENDED												QUARTER ENDED
	December 31,			September 30,			June 30,			March 31,			September 30,			June 30,
	2004*			2004*			2004*			2004*			2003*			2003*
Mortgage Banking:
Prime Mortgage Loans	$	608,530		$	543,919		$	790,150		$	549,865		$	1,770,726		$	1,404,916
Nonprime Mortgage Loans		322,333			92,063			409,109			291,945			217,383			—
Prime Home Equity Loans		222,171			290,649			150,698			115,104			—			—
Production Sector		1,153,034			926,631			1,349,957			956,914			1,988,109			1,404,916
Reperforming loans		11,130			15,495			18,574			81,950			14,271			61,112
Total Mortgage Banking Gain on Sale		1,164,164			942,126			1,368,531			1,038,864			2,002,380			1,466,028
Capital Markets		110,676			68,533			43,635			73,166			48,950			51,026
Other		8,045			7,038			6,807			5,360			8,245			8,148
	$	1,282,885		$	1,017,697		$	1,418,973		$	1,117,390		$	2,059,575		$	1,525,202
Gain as a Percentage of Loans Sold
	QUARTER ENDED												QUARTER ENDED
	December 31,			September 30,			June 30,			March 31,			September 30,			June 30,
	2004*			2004*			2004*			2004*			2003*			2003*
Prime Mortgage Loans		0.90	%		0.82	%		1.06	%		0.92	%		1.62	%		1.29	%
Nonprime Mortgage Loans		3.63	%		1.21	%		4.66	%		5.42	%		5.28	%		—
Prime Home Equity Loans		3.12	%		2.94	%		2.47	%		4.17	%		—			—
Production sector		1.38	%		1.11	%		1.51	%		1.41	%		1.75	%		1.29	%

* Unaudited

UPDATED: MARCH 2005

Breakdown of Net Interest Income — Quarterly
(Dollar amounts in thousands)

	QUARTER ENDED												QUARTER ENDED
	December 31,			September 30,			June 30,			March 31,			September 30,			June 30,
	2004*			2004*			2004*			2004*			2003*			2003*
Net interest income:
Mortgage Banking Segment loans and securities	$	175,798		$	320,704		$	310,300		$	349,852		$	254,644		$	180,502
Home equity AAA asset-backed securities		13			16,350			14,343			15,211			31,081			26,089
Custodial balances		8,570			(15,120	)		(40,912	)		(39,052	)		(76,453	)		(66,109	)
Servicing Sector interest expense		(98,893	)		(88,145	)		(80,512	)		(85,904	)		(60,754	)		(59,226	)
Reperforming loans		16,102			21,753			32,346			24,898			32,021			23,751
Banking Segment loans and securities		238,909			202,514			154,636			124,318			98,862			73,593
Capital Markets Segment securities portfolio		81,245			83,364			97,180			131,662			127,907			105,103
Other		15,733			11,817			11,167			11,210			13,521			12,337
Net interest income		437,477			553,237			498,548			532,195			420,829			296,040
Provision for loan losses		(22,887	)		(8,360	)		(19,747	)		(20,781	)		(11,066	)		(7,222	)
Net interest income after provision for loan losses	$	414,590		$	544,877		$	478,801		$	511,414		$	409,763		$	288,818

* UNAUDITED

UPDATED: MARCH 2005